Norway: Lundin Petroleum Gets Bøyla Field PDO Approval

Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has received approval from the Norwegian Ministry of Petroleum and Energy of the Plan for Development and Operation (PDO) for the Bøyla field in PL 340, in the Norwegian North Sea.

First production from Bøyla is expected in the fourth quarter 2014.

The Bøyla field is located approximately 28 km south of the Alvheim field, operated by Marathon Oil. The development solution selected for the Bøyla field is a subsea tie-back to the Alvheim floating production, storage and offloading (FPSO) vessel.

The estimated gross reserves are approximately 21 million barrels of oil equivalent with gross peak production of 19,000 boepd.

Lundin Petroleum has a 15 percent working interest in the Bøyla field. Partners are Marathon (operator) with 65 percent and Conoco Philips Skandinavia with 20 percent working interest.

Press Release, October 29, 2012

 

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The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
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